Cash Investment Money Market Fund – Select Class

Average Annual Total Return – as of 06-30-2010

	1-year	3-year	5-year	10-year	Since Inception
Cash Investment Money Market Fund	0.26%	2.06%	3.11%	2.84%	4.44%
Lipper Institutional Money Market Funds Average	0.10%	1.77%	2.84%	2.60%	--
Month-End Performance – as of 7-31-10
	1-year	3-year	5-year	10-year	Since Inception
Cash Investment Money Market Fund	0.25%	1.92%	3.06%	2.78%	4.43%

Figures quoted represent past performance, which is no guarantee of future results. Investment returns and yields will fluctuate. The Fund's yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted.

Money market funds are sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund's current prospectus.

The adviser has committed to certain fee waivers and/or expense reimbursements. Without these reductions, the Fund's seven-day current yield would have been 0.22%. These reductions may be discontinued.

Calendar Year Returns

 

Select Class shares incepted on June 29, 2007. Performance shown since November 8, 1999, for the Select Class shares reflects the performance of the Institutional Class shares, and includes expenses that are not applicable to and are higher than those of the Select Class shares. Performance shown prior to November 8, 1999, for the Select Class shares reflects the performance of the Service Class shares, and includes expenses that are not applicable to and are higher than those of the Select Class shares.

• View a list of complete holdings
• View historical daily yields

Ratings

S&P	--
Moody's	--

Portfolio Statistics – as of 07-31-2010

Number of Securities	562
Weighted Average Effective Maturity	25.00 Day(s)
Net Expense Ratio – effective since 07-01-10	0.13%

Portfolio Composition as of 07-31-2010

Percent total may not add to 100% due to rounding. Portfolio composition is subject to change and may have changed since the date specified.

ADVISER

  |  Wells Fargo Funds Management, LLC

SUB-ADVISER

  |  Wells Capital Management Incorporated ("Wells Capital Management")

PORTFOLIO MANAGERS

	David D. Sylvester Mr. Sylvester is an Executive Vice President with Wells Capital Management, sub-advisor to Wells Fargo Advantage Funds. He has over 27 years of investment experience, and currently co-manages Wells Capital Management's liquidity management team. In this role, he specializes in managing short duration fixed-income assets. Mr. Sylvester started his career as a fixed-income manager at the National Bank of Detroit. In 1979 he joined Norwest Corporation, which merged with Wells Fargo, as a fixed-income portfolio manager and trader and later became manager of the fixed-income institutional group. Mr. Sylvester began to specialize in short-term investments in 1987. He attended the University of Detroit, Mercy, is a member of the Treasury Management Association, and is a frequent speaker at national conferences related to short duration asset management.
	Laurie White Ms. White has been with Wells Fargo & Company and its predecessors in an investment management capacity since 1990. Ms. White joined Wells Capital Management in 1998 as a Managing Director and simultaneously was a Director for Reserve Asset Management at Norwest Investment Management (since 1997) until Wells Capital Management and Norwest Investment Management combined investment management services under the Wells Capital Management name in 1999. Ms. White currently co-manages certain of the Wells Fargo indexed mutual funds, private accounts, and collective trust funds. Ms. White earned her B.A. degree in Political Science from Carleton College and her M.B.A. degree from the University of Minnesota.

OBJECTIVE

  |  The Cash Investment Money Market Fund seeks current income, while preserving capital and liquidity.

PRINCIPAL STRATEGIES

  |  We actively manage a portfolio of high-quality, short-term, U.S. dollar-denominated money market instruments. We will only purchase First Tier securities. These include, but are not limited to, bank obligations such as time deposits and certificates of deposit, government securities, asset-backed securities, commercial paper, corporate bonds and repurchase agreements. These investments may have fixed, floating, or variable rates of interest and may be obligations of U.S. or foreign issuers.

Our security selection is based on several factors, including credit quality, yield and maturity, while taking into account the Fund's overall level of liquidity and average maturity.